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Market Overview :  US dollar weaker as trade deficit jumps

US stocks finished mixed on Tuesday. The S&P 500 closed 0.4% lower after a a five-day winning streak as a selloff in biotechnology and health-care stocks overshadowed gains in energy and materials sectors. The Dow Jones Industrial Average edged up 0.1%, helped by 7.7% jump in DuPont shares on the news that chemical giant’s longtime chief executive officer will retire on October 16. Investor confidence was undermined by the downgrade of global growth outlook by the International Monetary Fund and US trade balance report. Data showed the US trade deficit jumped almost 16% in August to $48.3 billion mainly due to a negative impact of a strong dollar on US exports. The dollar weakened with the ICE US Dollar index, a measure of the dollar’s strength against a basket of six currencies, falling 0.7%. Today at 12:00 CET Mortgage applications will be released by the Mortgage Bankers’ Associations in US. And at 20:00 CET September Consumer Credit will be published. The tentative outlook is negative.

European stocks closed higher on Tuesday. The Stoxx Europe 600 index rose 0.6% for the third day after a disappointing US jobs report last Friday shifted expectations for the rate hike, leading market participants to believe the Federal Reserve will likely not raise rates this year. EURUSD pair rose. Germany’s DAX 30 index rose 0.9% despite the disappointing report on factory orders which showed German manufacturing orders, adjusted for seasonal changes, dropped 1.8% in August month on month. The decline was largely the result of 3.7% fall in orders from outside the euro- zone, indicating that slower growth in China and other key markets are starting to negatively impact exports from euro-zone’s largest economy. A report today showed industrial production in Germany fell 1.2% after 1.2% rise a month earlier. Today at 9:30 CET Manufacturing and Industrial Production will be released in UK. The tentative outlook is positive. At 15:00 CET the UK National Institute of Economic and Social Research estimate for Gross Domestic Product in three month period ending in September will be released.

Nikkei gained 0.8% today for a sixth session in a row after the Bank of Japan’s decision to keep its monetary stimulus program at 80 trillion yen ($665 billion) annual level unchanged. Tomorrow at 00:50 CET August Machinery Orders, Current Account balance and financial data on foreign and domestic purchases of stocks and bonds will be released in Japan. At 01:00 CET Economy Watchers Survey results will be published. The tentative outlook is negative.

Oil futures prices are rising today after breaking out of month long range the previous day as November West Texas Intermediate oil climbed 4.9%, November Brent oil price on London’s ICE Futures exchange rose 5.4% and closed above $50 a barrel for the first time in a month. Prices were supported by Energy Information Administration report which estimated that crude production was 120,000 barrels a day lower in September than in August and forecast declining output until next August. Today at 15:30 CET Crude Oil Inventories will be released by the Energy Information Administration. Crude oil inventories are expected to fall.

Gold prices are rising for a third straight session on expectation that benchmark interest rates will stay low for longer after a weak jobs report last Friday, lowering the attractiveness of alternative interest bearing investments.

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